Building Intelligence Reaches New Heights with Honeywell-SAP Cloud for Real Estate
Honeywell, the Fortune 100 tech Company, will use SAP’s Cloud for Real Estate solution to improve overall building performance and deliver operational intelligence for entire estate inventories.
The COVID-19 lockdowns have slowed down a majority of the businesses across the world. The real estate market in the US is one of the worst-hit during the pandemic. However, there exists a big opportunity for real estate players to invariably leverage technology and improve their offerings. Today, all industries, including real estate sector in the US are looking for newer solutions to solve age-old and modern challenges, such as management of the sustained living conditions, movement of man, money and material, and pricing experiences. To help pass the benefits of Cloud Computing, AI and Automation to real estate customers in the US and Canada, global tech firms Honeywell and SAP have partnered together. Honeywell, the Fortune 100 tech Company, will use SAP’s Cloud for Real Estate solution to improve overall building performance and deliver operational intelligence for entire estate inventories.
According to a market intelligence firm, the real estate industry would grow by $3800 billion between 2020 and 2024.
What’s the biggest challenge staring at the enterprise business groups?
According to SAP, it’s not just the volume of data that overwhelms analysts, but also the way that data could be used to make a winning decision in any given situation.
To solve the problem of how to make sense of Big Data in real estate, SAP and Honeywell are partnering. With Honeywell’s globally recognized Operational Technology (OT) and SAP’s customer experience management systems, much of the data related challenges can be alleviated.
SAP for Real Estate Harnesses Power of Data to Improve Building Performance
SAP Cloud for Real Estate provides new-age capabilities in Location Management, Workspace Management, Contract and Lease Administration, and additional integrations with SAP’s ERP and non-SAP building management tools.
The Testament of SAP-Honeywell Partnership
As part of the deal, Honeywell Forge and SAP Cloud for Real Estate solution would sync to offer corporate real estate owners and builder fraternity with 360-degree operational intelligence.
The features focus on improving the overall Building Performance with integrated, Cloud-based BusinessOps and BI technology data and analytics. It would enable users to lower carbon footprint and energy costs, in addition to delivering a high-end contextual buyer and tenant experience in a sustainable living ecosystem for all dwellers and the neighborhood.
The overall Cloud-based real estate performance management system would be built to completely automate the entire decision-making solutions. SAP Cloud for Real Estate solution would draw its power from Honeywell Forge autonomous building solutions, providing users with complete control and comfort of working in an AI-driven secured platform.
At the time of this announcement, Christian Klein, CEO of SAP said, “Our partnership will significantly change the game in digital and intelligent real estate management.”
Christian added, “Customers will greatly benefit from the single holistic view provided by our offering dashboard. With the addition of Qualtrics, companies can also collect employee sentiment data to provide a complete 360-degree experience measurement while optimizing occupant productivity, building performance and their entire real estate portfolio. With embedded artificial intelligence and data analysis, our solution will enable managers to determine their optimal office use and adjust their portfolios to reflect varying economic, environmental and regulatory conditions.”
Features Overview: Business Intelligence Solutions that Make Sense of Data
SAP and Honeywell chose the real estate market to secure their partnership, while other industries slowly climb back to the pre-lockdown health. As building operations come to pace and human workforce join offices, SAP-Honeywell partnership is a ray of hope for business data teams looking to use relevant real estate data to boost the economy.
- Predefined extensible dashboards combining information technology and operational technology KPIs, leveraging artificial intelligence
- Monitoring and reduction of annual energy spend, resulting in reduced carbon footprint and greater energy efficiency, even as maintenance hours decrease
- A harmonized data architecture that connects building data from Honeywell with real estate and financial data from SAP
- Combined human comfort KPIs with measured experience KPIs.
Benefits of SAP-Honeywell Partnership
Real estate data come from disparate sources and it is often difficult for building owners to make sense of that information in real time. While building owners today often struggle to get the real-time data they need to determine the true efficiency and utilization of their portfolios, they also have to mitigate unforeseeable challenges such as a pandemic0incuded slowdown or total lockdown on constructions/ maintenance. That’s where a combined analytical dashboard with real data provided from SAP Cloud for Real Estate and Honeywell fits-in aptly.
All the operational benefits of this performance-focused partnership would be passed to the end-users– home buyers and tenants. Slowly, the real estate operations are getting back on track, albeit putting with enormous pressure from demand and supply side, adding to already fluctuating labor and material costs.
By availing of SAP-Honeywell Cloud-based automated real estate Business Intelligence tool, building owners can deliver on their promised KPIs, including building safety, zero/ low-carbon footprint and energy savings (HVAC efficiency).
For example, AI-powered Honeywell Forge can save upto a quarter of your energy costs within the first year of deployment.
Darius Adamczyk, chairman and CEO, Honeywell, said-
“Honeywell and SAP together will provide insights from the boiler room to the boardroom that make it easier for our customers to get a true picture of how to optimize building performance, lower carbon emissions to meet sustainability goals, reduce energy costs and help enhance occupant experience. Having this information readily accessible will allow our customers to generate tremendous business value while becoming more sustainable, and it will greatly enhance the appeal of their buildings to renters and tenants.”
Areas of Improvement from SAP-Honeywell Cloud Solution
The combined Cloud solution would give easy access to data related to:
- Energy Performance
- Rent and Community Development
- Taxes and Reimbursements
- Regulations and Compliance
- Lease terms, and other costs.
Experience management software company, Qualtrics has also joined into the partnership.
Source: Honeywell USA/ SAP